Surge in Payment Protection Insurance Claims

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Although growth was expected the amount of potential claims has boomed and can be attributed to the growing consumer awareness of the payment protection insurance scandals

(PRWEB UK)4 August 2012

Today, an expert in payment protection insurance claims, http://www.ppiclaimsadvice.org have released a statement which details the recent growth of enquiries from potential customers made over the past three months from ay 2012 to July 31st 2012.

The growth of enquiries for payment protection insurance claims has been seen elsewhere in the financial services industry as of late and the continued growth of PPIClaimsAdvice.org backs up these figures and most importantly shows that this is a booming market with no signs of slowing.
Enquiries on the site in the month of July 2012 had increased by 25% compared to the number of enquiries made in June 2012 and 35% compared to the numbers from May 2012 which is a huge month on month level of growth. The types of enquiries which were included in the figures included email contact requests for information, telephone enquiries and email based enquiries all of which originated from PPIClaimsAdvice.org.

This information regarding the increase in claim enquiries for mis sold ppi is released just a little less than a week since two of the main high street banks announced that they were making moves to increase the amount of money which they have set aside for payment protection insurance claims. Lloyds TSB is one such bank who now has a £4.27 billion provision for PPI claims, an increase from the original £3.2 billion, this shows just how much the payment protection insurance claims are increasing at a rapid speed! In total £10 billion has been set aside to settle the PPI scandal, which is quickly reaching a point where it will be considered to be one of the biggest financial scandals ever.

There has also been a market wide increase in enquiries for those that did not have a payment protection insurance policy; this also costs the banks money. PPI Claims Advice aims to contribute towards the prevention of this by only taking clients that have a 100% chance of making a successful mis-sold payment protection insurance claim. Ultimately this will benefit all parties as well as the general economy.

The increase in consumer awareness and the relatively straightforward process when it comes to making a claim for mis-sold payment protection insurance could be attributed to the increase in claims enquiries. When the claims were first introduced many believed a long, complicated process was required to get their claim underway. Now, the availability of payment protection claims agencies such as PPIClaimAdvice.org mean the whole process is a hands free and accessible procedure.